HMT advised and acted as reporting accountants to specialist luxury travel group Western & Oriental plc (“Western & Oriental”) on its flotation on the AIM. Alongside the flotation the Company made two acquisitions – Ranch America and Lynton Cooper, in line with its buy and build strategy.
Western & Oriental is the parent company of a specialist luxury travel group which acts as both a tour operator and travel agent through a number of high quality brands including Western & Oriental Travel, Regent Holidays and The Mediterranean Experience offering specialist individually tailored holidays.
The funds raised will be used to accelerate the Company’s strategy to make acquisitions of profitable luxury travel businesses and tour operators which are complementary through either country or activity specialities.
The Company’s management team has significant experience in the travel sector, David Howell, Chairman has over 9 years experience with both First Choice Holidays and lastminute.com, and Ian Neale joined as Managing Director in 2003 and has over 29 years experience in the travel sector. The Directors believe that the niche luxury travel sector, currently highly fragmented, is well placed for rapid consolidation.
“We are delighted to advise the Western & Oriental team on the initial acquisitions and successful flotation on AIM. The IPO will raise the company’s profile and status with its customers, and provide a platform for expansion through acquisition. We are proud to have been able to play a significant part in its success and look forward to working with them in future.”